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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

WISeKey Files Patent Application for Persistent and Authenticatable NFTs

November 9, 2021 GMT

WISeKey Files Patent Application for Persistent and Authenticatable NFTs

WISeKey filed a patent application for a “System and Method for Providing Persistent Authenticatable NFT” in the USA. NFTs using this method have increased value and will hold long-term value.

Geneva, Switzerland – November 9, 2021: WISeKey International Holding Ltd. (“WISeKey”) (NASDAQ: WKEY; SIX: WIHN), a leading global cybersecurity, IoT, and AI company, today announced that it has filed a patent application that ensures the provenance, authenticity, persistence, and long‑term value of NFTs that are minted on Blockchains using this method. During the minting process, this method allows to ensure that the NFT is not corrupted, incomplete, or ambiguous.

In general, there is a high confidence in the ability of a Blockchain to preserve and store the public key and digital signature information of the NFT along with any subsequent transaction data over long and very long periods of time. However, a Blockchain cannot preserve information that the NFT does not itself include. Such as disclosed in the patent application, it is the information in a persistent off‑chain storage that establishes the value and that needs to be authenticated and secured.

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NFTs that are not created by this method will not contain enough information to ensure that the minter of the NFT was the originator or possessor of the object at the time of minting or had authority to mint the NFT. Without identifying and establishing the rights of the minter, the long-term value of the NFT is diminished.

The information associated with an NFT can easily degrade over long periods of time. For example, over several decades or even over centuries the owner of an NFT, their descendants, and others may find it difficult to discern whether an NFT is authentic or what object the NFT is associated with, or the location where the object itself is located. There is no assurance that the NFT itself will preserve its ability to authenticate the associated object or that its association with the object will be preserved.

In order to solve these technical problems, the methods protected by the patent application define the structure, composition and minting process of an authenticatable and persistent NFT to establish and maintain long-term value as well as corresponding systems implementing these methods.

Carlos Moreira, WISeKey’s CEO pointed out, “This is an important patent application both for WISeKey as a company and for the NFT ecosystem in general. As this patent application’s methods and systems are adopted, the NFT marketplace will continue to gain acceptance and legitimacy.”

About WISeKey

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WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large-scale digital identity ecosystems for people and objects using Blockchain, AI, and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an installed base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens, etc.). WISeKey is uniquely positioned to be at the leading edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications predict the failure of their equipment before it happens.

Our technology is Trusted by the OISTE/WISeKey’s Swiss-based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain, and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit  www.wisekey.com.

Press and investor contacts

WISeKey
Company Contact:
Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com
WISeKey Investor Relations (US)
Contact:
Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
lcati@equityny.com

Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is or shall be relied on as, a promise or representation as to the future performance of WISeKey.